Loans Board engaging ex students on repayment
The Higher Education Students’ Loans and Grants Board (HESLGB) has appealed to former student loan beneficiaries and employers to fulfil their obligations under the Higher Education Students’ Loans and Grants Board Act of 2015 to help sustain the country’s student loan programme.
In a statement, the Board said all former beneficiaries are required to begin repaying their loans within two years of completing or discontinuing their studies.
It said employed beneficiaries should arrange for monthly salary deductions through their employers, while those who are self-employed are expected to make monthly repayments directly to the Board.
Meanwhile,HESLGB has also urged employers to identify employees who benefited from the student loan scheme, notify the Board within 30 days of employing them, and remit loan deductions within the prescribed period.
The Board has warned that failure to comply with the law could result in penalties, including fines for employers and civil proceedings against beneficiaries who fail to repay their loans without reasonable cause.
